Assenagon Asset Management S.A. Takes Position in AbbVie Inc. (NYSE:ABBV)
Assenagon Asset Management S.A. bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,258 shares of the company’s stock, valued at approximately $961,000.
Several other hedge funds also recently added to or reduced their stakes in ABBV. First Quadrant L P CA increased its stake in AbbVie by 18.4% in the second quarter. First Quadrant L P CA now owns 45,701 shares of the company’s stock worth $3,314,000 after buying an additional 7,101 shares in the last quarter. Aperio Group LLC increased its stake in AbbVie by 11.8% in the second quarter. Aperio Group LLC now owns 827,950 shares of the company’s stock worth $60,035,000 after buying an additional 87,523 shares in the last quarter. Tarbox Family Office Inc. increased its stake in AbbVie by 3.7% in the second quarter. Tarbox Family Office Inc. now owns 55,675 shares of the company’s stock worth $4,037,000 after buying an additional 2,000 shares in the last quarter. Beech Hill Advisors Inc. increased its stake in AbbVie by 1.1% in the second quarter. Beech Hill Advisors Inc. now owns 82,022 shares of the company’s stock worth $5,947,000 after buying an additional 890 shares in the last quarter. Finally, Diversified Trust Co increased its stake in AbbVie by 3.5% in the second quarter. Diversified Trust Co now owns 12,465 shares of the company’s stock worth $904,000 after buying an additional 423 shares in the last quarter. 68.00% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) remained flat at $70.99 during trading on Friday. 4,732,537 shares of the company traded hands. The company has a market capitalization of $112.98 billion, a price-to-earnings ratio of 17.46 and a beta of 1.50. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $75.04. The company has a 50-day moving average of $72.07 and a 200 day moving average of $66.31.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 154.76%. The company had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the business posted $1.26 EPS. AbbVie’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a dividend of $0.64 per share. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.61%. AbbVie’s payout ratio is currently 62.90%.
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A number of analysts recently issued reports on the company. BidaskClub downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Friday. Piper Jaffray Companies reissued a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday. Cowen and Company set a $70.00 price target on AbbVie and gave the stock a “hold” rating in a research report on Sunday, July 30th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target on the stock in a research report on Wednesday, July 26th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $74.00 price target (up previously from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. AbbVie presently has a consensus rating of “Buy” and a consensus price target of $75.35.
In other news, EVP Carlos Alban sold 45,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the sale, the executive vice president now owns 160,545 shares in the company, valued at approximately $11,238,150. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward J. Rapp purchased 4,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were bought at an average price of $70.45 per share, with a total value of $281,800.00. Following the purchase, the director now owns 15,498 shares in the company, valued at $1,091,834.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 406,895 shares of company stock valued at $28,140,423. 0.23% of the stock is currently owned by company insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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